As of Thursday afternoon, July 23rd, 2026, American businesses remain uncertain about what tariffs will apply to imports starting Friday morning, July 24th, following the expiration of many tariffs imposed during President Donald Trump's global trade war. This uncertainty poses significant challenges for companies making critical decisions about factory expansions, crop planting, hiring, and inventory management.

The confusion stems from a February Supreme Court ruling that invalidated many of Trump's tariffs imposed under the International Emergency Economic Powers Act (IEEPA), finding that the act did not authorize presidents to impose tariffs. In response, Trump implemented a 10 percent "global tariff" under Section 122 of the Trade Act of 1974, which only permits temporary tariffs lasting up to 150 days unless Congress extends them—a step Congress has not taken.

The Trump administration had the 150-day period to clarify and stabilize tariff policies for businesses engaged in international trade. However, as of 4 p.m. on Thursday, no announcement had been made regarding new tariff rates. White House press secretary Karoline Leavitt had indicated earlier that an announcement would come later in the day, but it had not materialized by market close, possibly to avoid immediate market disruption.

Estimates suggest that the Section 122 tariffs cost American businesses between $25 billion and $30 billion during their enforcement. The lack of clarity leaves businesses struggling to plan effectively amid ongoing trade policy uncertainty.

"How in the world does someone decide whether to expand their factory when they wake up in the morning and have no idea what the tariff on the materials they need will be? Or how many acres of crops to plant? Or how many workers to hire? Or how many Christmas toys to order?" the report highlights.

"You'll have to stay tuned, and you're gonna be busy over the next few days," the report concludes.

Sources